As of October 26, 2020, the Company repurchased a total of 749,257 shares of the Company’s common stock at a total cost of $13.7 million during the calendar year 2020. Selling, general and administrative (SG&A) expenses decreased $3.3 million or 18.9% to $14.2 million as compared to $17.5 million in the first quarter of fiscal 2020. Management believes the use of these non-GAAP financial measures provide investors useful information to analyze and compare performance across periods excluding the items which are considered by management to be extraordinary or one-time in nature. A reconciliation of adjusted net sales, adjusted net income and adjusted diluted earnings per share of common stock is provided below. Don’t see what you are looking for – visit homestylesfurniture.com to find the latest in ready-to-assemble kitchen, bedroom, living room and outdoor collections. Flexsteel Industries has 1,295 employees at their 1 location and $366.93 M in annual revenue in FY 2020. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, age, national origin, protected veteran or disability status. Flexsteel Industries, Inc. and Subsidiaries (the “Company”) is one of the largest manufacturers, importers and online marketers of residential and … The timing and amount of share repurchases under the $30 million share repurchase program will depend on several factors, including the Company’s stock price performance, ongoing capital planning considerations, general market condition and applicable legal requirements. During the quarter, the Company completed the sale of one of its facilities located in Harrison, Arkansas, resulting in net proceeds of $0.7 million and a gain of $0.7 million. We create comfort from consistency.In our factories, every small step matters. Equal Employment Opportunity (EEO) Statement: Flexsteel is an Affirmative Action and Equal Opportunity Employer. Flexsteel Industries, Inc. and Subsidiaries (the “Company”) is one of the largest manufacturers, importers and online marketers of residential furniture and products in the United States. FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES, CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED), TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY, CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED), Gain on disposal of assets due to restructuring. The decrease in SG&A was due to reduced lower salaries and wages due to cost saving measures that began in the fourth quarter of fiscal 2020 and continued through the first quarter of fiscal 2021 as a result of COVID-19, coupled with decreased selling and travel expenses. As a result, certain deferred tax assets were remeasured back to the current statutory rate of 21% while other deferred tax assets are no longer expected to be realizable and, as a result, the Company recorded additional tax expense of $2.1 million during the quarter, or an impact of $0.27 per diluted share. “During the first quarter, we delivered solid financial results and saw increased demand for home furnishing products as consumers spend more time in the home and are shifting spending from travel and entertainment to home products,” said Jerry Dittmer, President and CEO of Flexsteel Industries. Additionally, interested parties can listen to a live webcast of the call in the Investor Relations section of the Company’s website at https://ir.flexsteel.com/. ©2020 Flexsteel Industries, Inc. For additional home products and convenient shipping options, please visit our ready-to-assemble furniture company, Home Styles. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name “Flexsteel” is derived. The Company distributes its products throughout the United States through its ecommerce channel and direct sales force. DUBUQUE, Iowa--(BUSINESS WIRE)--Flexsteel Industries, Inc. (NASDAQ:FLXS) (“Flexsteel” or the “Company”), one of the largest manufacturers, importers and online marketers of furniture products in the United States, today reported first quarter 2021 financial results. Flexsteel Industries, Inc. and Subsidiaries (the “Company”) is one of the largest manufacturers, importers and online marketers of residential furniture and products in the United States. Flexsteel Industries, Inc. and Subsidiaries (the “Company”) is one of the largest manufacturers, importers and online marketers of residential and contract upholstered furniture and products in the United States. About Flexsteel. Flexsteel offers quality furniture, built to last. The Company expects to incur a total of approximately $2.5 million in restructuring expenses during fiscal 2021. You’ll find our namesake Blue Steel Spring at the core of our upholstered seating. ... ©2020 Flexsteel Industries, Inc. About Flexsteel. A recorded replay can be accessed through November 3, 2020 by dialing 877-344-7529 (domestic) or 412-317-0088 (international); Replay access code: 10148736. See insights on Flexsteel Industries including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Flexsteel Industries, Inc. and Subsidiaries (the “Company”) is one of the largest manufacturers, importers and online marketers of furniture products in the United States. “The strategic decisions made last quarter to accelerate our transformation and heighten focus on our core retail and e-commerce furniture businesses have made us stronger and more agile to meet surging demand with a more efficient network. Gross margin as a percent of net sales increased 450 basis points to 21.7% compared to 17.2% for the prior year quarter. Due to the uncertainties around COVID-19, the Company continues to evaluate the impact of COVID-19 and will take necessary actions to reduce spend and preserve cash. Flexsteel has paid cash dividends on its common stock each year since 1938. The increase was driven by home furnishing products sold through retail stores of $11.4 million, or 14.8%, versus the prior year quarter and an increase in homestylesTM products sold through e-commerce channels of $4.6 million, or 39.7%, versus the prior year quarter. Product offerings include a wide variety of upholstered furniture such as sofas, loveseats, chairs, reclining and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs and bedroom furniture. All shipped directly to you. The Company reported tax expense of $4.1 million, or an effective rate of 51.3% during the first quarter compared to a $3.2 million tax expense, or an effective rate of 25.2% in the prior year quarter. While market conditions remain dynamic and could quickly change based on a multitude of factors, our team is competing well, and we are cautiously optimistic in our ability to continue profitably growing the business in 2021.”, Operating Results for the First Quarter Ended September 30, 2020. Don’t see what you are looking for–visit homestyles® to find the latest in ready-to-assemble kitchen, bedroom, living room and outdoor collections. On October 22, 2020, the Board of Directors approved a new repurchase program authorizing the Company to purchase up to an aggregate of $30 million of the Company’s common stock over the next three years. investors@flexsteel.com, Net sales increased 4.9% to $105.2 million compared to $100.3 million in the prior year quarter, Record level backlog of $89 million driven by strong year-over-year order growth of 60% in retail home furnishings, Gross margin increased to 21.7% compared to 17.2% in the prior year quarter, GAAP net income per diluted share of $0.49 compared to $1.17 in the prior year quarter, Share repurchases of $9.0 million during the quarter. 1GAAP to non-GAAP reconciliations follow the financial statements in this press release. Analysts and investors may participate in the question-and-answer session. The increases in retail and e-commerce channels were partially offset by a decline of $11.1 million versus the prior year quarter, due to the Company’s exit of the Vehicle Seating and Hospitality product lines during the fourth quarter of fiscal 2020. Flexsteel Industries, Inc. and Subsidiaries (the “Company”) is one of the largest manufacturers, importers and online marketers of residential furniture and products in the United States. Home Styles. The Company is financially strong with over $36 million of cash and no debt. Adjustments to reconcile net income to net cash provided by operating activities: Change in provision for losses on accounts receivable, Changes in operating assets and liabilities, Net cash provided by investing activities, Shares withheld for tax payments on vested restricted shares, (Decrease) Increase in cash and cash equivalents, Cash and cash equivalents at beginning of period, Cash and cash equivalents at end of period. Flexsteel Industries, Inc. and Subsidiaries (the “Company”) is one of the largest manufacturers, importers and online marketers of furniture products in the United States. Flexsteel Industries, Inc. and Subsidiaries (the “Company”) is one of the largest manufacturers, importers and online marketers of furniture products in the United States. Be the first to know about new product and trends. Highlights for the First Quarter Ended September 30, 2020. Flexsteel Industries, Inc. and Subsidiaries (the “Company”) is one of the largest manufacturers, importers and online marketers of furniture products in the United States. Flexsteel Industries, Inc. and Subsidiaries (the “Company”) is one of the largest manufacturers, importers and online marketers of furniture products in the United States. A Comfortable Sofa Sleeper. Net sales were $105.2 million for the first quarter compared to net sales of $100.3 million in the prior year quarter, an increase of 4.9%. The following table sets forth the reconciliation of the Company’s reported GAAP net sales to the calculation of non-GAAP adjusted net sales for the three months ended September 30, 2020 and 2019. Flexsteel Industries, Inc. is one of the oldest and largest manufacturers, importers and marketers of residential and contract upholstered and wooden furniture products in the United States. Flexsteel Industries, Inc. and Subsidiaries (the "Company") is one of the largest manufacturers, importers and online marketers of furniture products in the United States. Flexsteel on YouTube. Derek Schmidt, Flexsteel Industries, Inc., 563-585-8383 We carefully consider each element that goes into our furniture. This is the 316 th consecutive quarterly cash dividend. Investors will then be issued a personalized phone number and pin to dial into the live conference call. Reconciliation of GAAP earnings per share of common stock to non-GAAP adjusted earnings per share of common stock: The following table sets forth the reconciliation of the Company’s reported GAAP earnings per share to the calculation of non-GAAP adjusted earnings per share for the three months ended September 30, 2020 and 2019: (1)Effective tax rate of 51.3% and 25.2% used to calculate the three months ended September 30, 2020 and September 30, 2019, respectively. Flexsteel Industries, Inc. and Subsidiaries (the “Company”) incorporated in 1929 celebrated its 125 th anniversary of the Company’s founding in 1893 during 2018. Explore FAQs, get the Flexsteel Corporate address, & more! With profitability stabilized and sales momentum strong, we are now pivoting towards strategic investments to drive long-term profitable growth and improve our customers’ experience. Contact Flexsteel Customer Service w/ our easy contact form. For the full fiscal year 2021, capital expenditures are estimated to be in the range of $3.0 million to $4.0 million. Flexsteel has paid cash dividends on its common stock each year since 1938. Flexsteel Industries, Inc. and Subsidiaries (the “Company”) is one of the largest manufacturers, importers and online marketers of residential furniture and products in the United States. Statements, including those in this release, which are not historical or current facts, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The higher effective tax rate in the first quarter 2021 compared to the prior year quarter was primarily due to the Company’s expectation that it will not generate a net operating loss for tax purposes in the year ended June 30, 2021, that may be carried back up to five preceding taxable years via the Coronavirus Aid, Relief, and Economic Security Act. Flexsteel Industries, Inc. and Subsidiaries (the "Company") incorporated in 1929, is one of the oldest and largest manufacturers, importers and marketers of residential and contract upholstered and wooden furniture products in the United States. Additionally, we recently added new production lines in both of our North American manufacturing facilities to expand capacity. About Flexsteel. The increase in gross margin as a percent of net sales was primarily due to structural cost reductions, operational efficiencies and fixed cost leverage due to higher sales volume as compared to the prior year quarter. The Company has seen improvement in business conditions as retailers have reopened, however, there are supply chain challenges faced by the furniture industry due to labor shortages in Asia, limited availability of ocean containers, and inflationary pressures in key materials. Weighted average number of common shares outstanding: CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED). Excluding these items (see attached non-GAAP disclosure), the Company reported adjusted net income of $6.3 million, or $0.80 per diluted share, as compared to adjusted net income of $0.0 million, or $0.00 per diluted share in the first quarter of fiscal year 2020. Investors are cautioned that all forward-looking statements involve risk and uncertainty. Flexsteel Industries, Inc. and Subsidiaries (the "Company") is one of the largest manufacturers, importers and online marketers of furniture products in the United States. Specialized furniture designed for commercial environments. Some of the factors that could affect results are the cyclical nature of the furniture industry, supply chain disruptions, litigation, the effectiveness of new product introductions and distribution channels, the product mix of sales, pricing pressures, the cost of raw materials and fuel, retention and recruitment of key employees, actions by governments including laws, regulations, taxes and tariffs, the amount of sales generated and the profit margins thereon, competition (both U.S. and foreign), credit exposure with customers, participation in multi-employer pension plans, the impact of the COVID-19 pandemic and general economic conditions. Flexsteel Industries, Inc. and Subsidiaries (the "Company”) is one of the largest manufacturers, importers and online marketers of furniture products in the United States. Flexsteel Industries, Inc. and Subsidiaries (the “Company”) incorporated in 1929 is celebrating its 125 th anniversary of the Company’s founding in 1893. The Company ended the quarter with a cash balance of $36.5 million and working capital (current assets less current liabilities) of $127.8 million, and no outstanding balance on its $25.0 million secured line of credit. Flexsteel has paid cash dividends on its common stock each year since 1938. Flexsteel Industries, Inc. and its subsidiaries are committed leaders in social responsibility, respecting the cultural values of all people, creating a safe and inclusive environment for associates, caring for the environment, and addressing community needs. An archived version of the webcast will be available in the same location shortly after the live call has ended. A temporary 25% reduction in the salaries of the CEO and CFO/COO and a 50% cash compensation reduction for the Board of Directors ceased as of October 1, 2020. Really.Versatile comfort. 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